It's weird that the popularity of meme coins has increased since the start of this year. For those that have noticed it, they might not find it weird. But if you've been in the market for a few years, although there's a resemblance with the ICO craze but I still find it weird that many people invested in those.
Most people follow the trend, first a coin rise in price then there is news about it in the market as the people who posts those news might be getting some benefit from it. Either they would have invested in that meme coin or maybe paid to promote the coin. Then comes the people who blindly follow others, they are influenced by such posts and invest in the coin thinking of getting quick profit from the trend.
In this process many make huge returns who invest early in the token and who join late become bag holders as they are buying the coins that are being sold by the early buyers of the coin.